Vancouver, British Columbia--(Newsfile Corp. - June 10, 2021) - AgriCann Solutions Corp. (the "Company", "AgriCann" or "ASC") is pleased to announce it has completed the acquisition of 100% of Craft Nurseries Canada Inc. ("CNC").
AgriCann completed the acquisition through the following steps:
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Converted $600,000 principal and $28,099 accrued interest due from CNC into 6,280,986 Class "A" Voting Common Shares of CNC;
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Acquired 5,000,000 Class "A" Voting Common Shares of CNC from an existing CNC shareholder for $500,000;
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Mr. Mel Harold Farrell, CEO of CNC, exchanged his 5,000,000 Class A Voting Common Shares of CNC, at the ratio of 2.8 shares of CNC for one share of AgriCann, to hold 1,785,714 Common Shares of AgriCann, and;
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All minority shareholders, collectively representing 5,853,528 Class A Voting Common Shares of CNC, executed a share exchange with AgriCann at the ratio of 2.8 shares of CNC for one share of ASC, to collectively hold 2,090,546 Common Shares of AgriCann.
CNC thereby becomes a wholly-owned subsidiary of AgriCann and is commencing commercial operations, and in due course intends to undergo a significant operational expansion.
AgriCann has issued from treasury 3,876,260 Common Shares to former CNC shareholders, and now has 13,480,758 Common Shares outstanding.
About Craft Nurseries Canada Inc.
CNC operates under a Nursery License and the Cannabis Tracking and Licensing System (CTLS) in accordance with Health Canada and the Cannabis Act and Cannabis Regulations on Agricultural Land Reserve (ALR) property zoned for cannabis cultivation in Lake Country, British Columbia.
CNC's focus is on the supply end of the cannabis industry, developing genetics (both cannabis and hemp) to produce seedlings and clones, specializing in medicinal high-CBD as well as THC strains. CNC is specifically targeting the supply and sale of superior starter plant materials directly to a relatively starved niche market of licensed growers whose primary focus is growing to flower stage, as well as licensed retail store outlets, cultivators, other nurseries, processors, analytical testers, researchers and cannabis drug licence holders.
About AgriCann Solutions Corp.
The Company is a "Reporting Issuer" that originated as one of three spinouts upon completion of a statutory plan of arrangement completed by The Valens Company (formerly Valens GroWorks Corp.) on March 12, 2015. The Company is strategically acquiring suitable synergistic business opportunities with potential for scalable cash flow and sustainable growth to create shareholder value.